Salvage, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $385,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,800 |
| Population Change | 2.7% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Salvage, Newfoundland and Labrador, the real estate market is currently experiencing steady growth. The median house price in the region sits at $495,000, indicating a year-over-year increase of 3.2%. This suggests a stable market with moderate appreciation in property values. Similarly, the apartment sector shows persistent progress with a median price point of $295,000 and an annual growth rate of 2.5%. These rising trends in both housing and apartment prices reflect a healthy demand for real estate in the area.
The population of Salvage has reached 15,200 residents, with a positive growth rate of 2.7%. This demographic expansion is likely contributing to the increasing demand for housing and can be seen as a supportive factor for the ongoing real estate market resilience.
Investment Opportunities and Potential
Given the steady increase in median house and apartment prices coupled with population growth, Salvage offers promising investment opportunities. Investors might consider long-term residential rental properties as a viable option due to the consistent market performance and potential for capital gains over time.
Moreover, the growing population serves as an indicator of future demand for housing which could stimulate new development projects. Investors may find potential in exploring the development of multi-family units or subdividing existing properties to cater to this expanding market.
Future Market Outlook
The future real estate market outlook for Salvage appears optimistic. The current trends suggest a continued upward trajectory in property values, supported by strong population growth. Assuming that economic conditions remain stable and interest rates favorable, Salvage’s real estate market should maintain its growth momentum.
However, it is important for investors to monitor external economic factors that could impact the market such as changes in employment rates, government housing policies, and broader economic trends. By staying informed on these aspects, investors can better anticipate shifts in the market and adjust their strategies accordingly.
